“If You Like Bitcoin, Buy Bitcoin” – Financial Analyst Jim Cramer Admits He Was Wrong On Bitcoin
Financial analyst Jim Cramer has admitted he was wrong on the direction of Bitcoin (BTC) as he previously urged users to sell the asset.
In a part of his CNBC Mad Money show where he advises callers on assets to increase their exposure to dump, he revealed his present stance on investors acquiring Bitcoin.
He replied to a caller who asked about the profitability of acquiring shares in Bitcoin miner CleanSpark (CLSK) and replied rather positively urging anyone who loves Bitcoin to go for it.
“Look, if you like Bitcoin, buy Bitcoin. That has always been my view. And for a while, I liked it, and I decided that money had been made, but I was premature.”
Cramer added that he made a lot of money from his exposure to the asset in previous years.
Coming off 2022, the entire digital asset sector including the mining industry faced headwinds as asset prices continued to plunge with weakened investor sentiment after the collapse of Terra, FTX, and bankruptcies recorded by several firms.
Bitcoin fell over 57% and with low prices and increasing energy prices, miners struggled to stay afloat leading to plunging shares and a prolonged turbulent window for publicly traded ones.
However, a lot seems to be changing in the mining ecosystem with the price of Bitcoin now over $37,000 marking a 125.30% year-to-date (YTD) wiping out sharp losses among miners and traders.
Bitcoin miners like CleanSpark, Riot Platforms, and Hut 8 have recorded stock growth as many are keen on active expansion to increase capacity and efficiency ahead of the next halving predicted to come in April.
In the last 24 hours, CleanSpark has soared 7.28% and a massive 21% in the past five days. Bitfarms LTD is up 1.75% over the past day while Riot Platforms and Marathon Digital
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